Liew's projection came after the government said today Singapore's economy expanded at the slowest pace in five years. The construction sector grew 15.2 percent, easing from a rate of 16.9 percent last quarter.

Prices "would be marginally up and down for the middle and mass market," Liew told reporters in Singapore today. "In fact, the mass market and the middle market are still very strong, because the demand is there."

Private home prices in the Singapore rose 0.4 percent in the three months to June, the slowest pace in almost four years, the government said on July 1, signaling a real-estate boom that began in 2004 may be coming to an end.

Mid-market homes cost between S$1,000 ($734) and S$1,200 a square foot, ABN Amro analyst Fera Wirawan said last month. A 1,500-square-foot home, the size of a three-bedroom apartment, would cost at least S$1.5 million ($1.1 million), based on those prices.

CapitaLand's shares fell 8.1 percent this year, compared with the 16 percent decline in the Singapore benchmark Straits Times Index.

Source: Bloomberg